Indonesia eyes to become big investor in global halal industry

Indonesian People's Consultative Assembly (MPR) speaker (Source: Antara)

Jakarta (VNA) - Indonesia, with the largest Muslim population worldwide, should become a major player in the global halal industry rather than merely a market target of this industry, according to the Indonesian People's Consultative Assembly (MPR) speaker.

MPR speaker Bambang Soesatyo said on May 25 that in January, Vice President Ma'ruf Amin initiated the Global Halal Hub ecosystem as part of the national synergy movement to make Indonesia as a global halal producer hub in 2024.

He cited the State of Global Islamic Economy Report 2020-2021 as saying that global consumption of halal products is expected to increase, from 1.17 trillion USD in 2019 to 1.38 trillion USD by 2024.

Meanwhile, the consumption of Islamic fashion globally is expected to rise, from 277 billion USD to 311 billion USD, he remarked.

The six major industries in the global halal industry are food, fashion, tourism, cosmetics, pharmacy, and new and renewable energies, he stated adding that Indonesia can aim to dominate the food and fashion industries.

Citing Bank Indonesia's research, Muslim food and fashion industries touch all strata of society, right from farmers to Islamic schools and major corporations, he added./.

VNA